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1 https://wordpress.org/?v=5.2.3The tax year is ending – some planning steps to take before December 31st (December 2018)https://www.numbersplus.ca/blog/the-tax-year-is-ending-some-planning-steps-to-take-before-december-31st-december-2018/
https://www.numbersplus.ca/blog/the-tax-year-is-ending-some-planning-steps-to-take-before-december-31st-december-2018/#respondWed, 05 Dec 2018 17:02:42 +0000https://www.numbersplus.ca/?p=2467December 5, 2018 For individual Canadian taxpayers, the tax year ends at the same time as the calendar year. And what that means for individual Canadians is that any steps taken to reduce their tax payable for 2018 must be completed by December 31, 2018. (For individual taxpayers, the only significant exception to that rule …

For individual Canadian taxpayers, the tax year ends at the same time as the calendar year. And what that means for individual Canadians is that any steps taken to reduce their tax payable for 2018 must be completed by December 31, 2018. (For individual taxpayers, the only significant exception to that rule is registered retirement savings plan contributions, which can be made any time up to and including March 1, 2019, and claimed on the return for 2018.)

While the remaining time frame in which tax planning strategies for 2018 can be implemented is only a few weeks, the good news is that the most readily available of those strategies don’t involve a lot of planning or complicated financial structures – in many cases, it’s just a question of considering the timing of steps which would have been taken in any event. What follows is a listing of the steps which should be considered by most Canadian taxpayers as the year-end approaches.

Charitable donations

The federal government and all of the provincial and territorial governments provide a tax credit for donations made to registered charities during the year. In all cases, in order to claim a credit for a donation in a particular tax year, that donation must be made by the end of that calendar year – there are no exceptions.

There is, however, another reason to ensure donations are made by December 31st. The credit provided by each of the federal and provincial or territorial governments is a two-level credit, in which the percentage credit claimable increases with the amount of donation made. For federal tax purposes, the first $200 in donations is eligible for a non-refundable tax credit equal to 15% of the donation. The credit for donations made during the year which exceed the $200 threshold is, however, calculated as 29% of the excess. Where the taxpayer making the donation has taxable income (for 2018) over $205,843, charitable donations above the $200 threshold can receive a federal tax credit of 33%.

As a result of the two-level credit structure, the best tax result is obtained when donations made during a single calendar year are maximized. For instance, a qualifying charitable donation of $400 made in December 2018 will receive a federal credit of $88 ($200 × 15% + $200 × 29%). If the same amount is donated, but the donation is split equally between December 2018 and January 2019, the total credit claimable is only $60 ($200 × 15% + $200 × 15%), and the 2019 donation can’t be claimed until the 2019 return is filed in April 2020. And, of course, the larger the donation in any one calendar year, the greater the proportion of that donation which will receive credit at the 29% level rather than the 15% level.

It’s also possible to carry forward, for up to 5 years, donations which were made in a particular tax year. So, if donations made in 2018 don’t reach the $200 level, it’s usually worth holding off on claiming the donation and carrying forward to the next year in which total donations, including carryforwards, are over that threshold. Of course, this also means that donations made but not claimed in any of the 2013, 2014, 2015, 2016, or 2017 tax years can be carried forward and added to the total donations made in 2018, and the aggregate then claimed on the 2018 tax return.

When claiming charitable donations, it is possible to combine donations made by oneself and one’s spouse and claim them on a single return. Generally, and especially in provinces and territories which impose a high-income surtax – currently, Ontario and Prince Edward Island – it makes sense for the higher income spouse to make the claim for the total of charitable donations made by both spouses. Doing so will reduce the tax payable by that spouse and thereby minimize (or avoid) liability for the provincial high-income surtax.

Timing of medical expenses

There are an increasing number of medical expenses which are not covered by provincial health care plans, and an increasing number of Canadians who do not have private coverage for such costs through their employer. In those situations, Canadians have to pay for such unavoidable expenditures – including dental care, prescription drugs, ambulance trips, and many other para-medical services, like physiotherapy, on an out-of-pocket basis. Fortunately, where such costs must be paid for partially or entirely by the taxpayer, the medical expense tax credit is available to help offset those costs. Unfortunately, the computation of such expenses and, in particular, the timing of making a claim for the credit, can be confusing. In addition, the determination of what expenses qualify for the credit and which do not isn’t necessarily intuitive, nor is the determination of when it’s necessary to obtain prior authorization from a medical professional in order to ensure that the contemplated expenditure will qualify for the credit.

The basic rule is that qualifying medical expenses (a lengthy list of which can be found on the Canada Revenue Agency (CRA) website at Eligible medical expenses you can claim on your tax return – Canada.ca) over 3% of the taxpayer’s net income, or $2,302, whichever is less, can be claimed for purposes of the medical expense tax credit on the taxpayer’s return for 2018.

Put in more practical terms, the rule for 2018 is that any taxpayer whose net income is less than $76,750 will be entitled to claim medical expenses that are greater than 3% of his or her net income for the year. Those having income over $76,750 can claim qualifying expenses which exceed the $2,302 threshold.

The other aspect of the medical expense tax credit which can cause some confusion is that it’s possible to claim medical expenses which were incurred prior to the current tax year, but weren’t claimed on the return for the year that the expenditure was made. The actual rule is that the taxpayer can claim qualifying medical expenses incurred during any 12-month period which ends in the current tax year, meaning that each taxpayer must determine which 12-month period ending in 2018 will produce the greatest amount eligible for the credit. That determination will obviously depend on when medical expenses were incurred so there is, unfortunately, no universal rule of thumb which can be used.

Medical expenses incurred by family members – the taxpayer, his or her spouse, dependent children who were born in 2001 or later, and certain other dependent relatives – can be added together and claimed by one member of the family. In most cases, it is best, in order to maximize the amount claimable, to make that claim on the tax return of the lower income spouse, where that spouse has tax payable for the year.

As December 31st approaches, it is a good idea to add up the medical expenses which have been incurred during 2018, as well as those paid during 2017 and not claimed on the 2017 return. Once those totals are known, it will be easier to determine whether to make a claim for 2018 or to wait and claim 2018 expenses on the return for 2019. And, if the decision is to make a claim for 2018, knowing what medical expenses were paid and when will enable the taxpayer to determine the optimal 12-month waiting period for the claim.

Finally, it is a good idea to look into the timing of medical expenses which will have to be paid early in 2019. Where those are significant expenses (for instance, a particularly costly medication which must be taken on an ongoing basis), it may make sense, where possible, to accelerate the payment of those expenses to December 2018, where that means they can be included in 2018 totals and claimed on the 2018 return.

Reviewing tax instalments for 2018

Millions of Canadian taxpayers (particularly the self-employed and retired Canadians) pay income taxes by quarterly instalments, with the amount of those instalments representing an estimate of the taxpayer’s total liability for the year.

The final quarterly instalment for this year will be due on Monday December 17, 2018. By that time, almost everyone will have a reasonably good idea of what his or her income and deductions will be for 2018 and so will be in a position to estimate what the final tax bill for the year will be, taking into account any tax planning strategies already put in place, as well as any RRSP contributions which will be made before March 2, 2019. While the tax return forms to be used for the 2018 year haven’t yet been released by the CRA, it’s possible to arrive at an estimate by using the 2017 form. Increases in tax credit amounts and tax brackets from 2017 to 2018 will mean that using the 2016 form will likely result in a slight over-estimate of tax liability for 2018.

Once one’s tax bill for 2017 has been calculated, that figure should be compared to the total of tax instalments already made during 2017 (that figure can be obtained by calling the CRA’s Individual Income Tax Enquiries line at 1-800-959-8281). Depending on the result, it may then be possible to reduce the amount of the tax instalment to be paid on December 15 – and thereby free up some funds for the inevitable holiday spending!

The information presented is only of a general nature, may omit many details and special rules, is current only as of its published date, and accordingly cannot be regarded as legal or tax advice. Please contact our office for more information on this subject and how it pertains to your specific tax or financial situation.

]]>https://www.numbersplus.ca/blog/the-tax-year-is-ending-some-planning-steps-to-take-before-december-31st-december-2018/feed/0October 16, 2017 Proposed Changes to Small Business Taxeshttps://www.numbersplus.ca/blog/october-16-2017-proposed-changes-to-small-business-taxes/
https://www.numbersplus.ca/blog/october-16-2017-proposed-changes-to-small-business-taxes/#commentsMon, 16 Oct 2017 20:14:35 +0000https://www.numbersplus.ca/?p=1242Have just skimmed through the press releases from the Minister of Finance regarding the ‘tweaks’ to the taxation of small businesses announced on October 16, 2017 and it looks like a classic ‘bait and switch’. The government seemingly hopes small business people focus on the token reduction to the small business active income tax rate. …

]]>Have just skimmed through the press releases from the Minister of Finance regarding the ‘tweaks’ to the taxation of small businesses announced on October 16, 2017 and it looks like a classic ‘bait and switch’. The government seemingly hopes small business people focus on the token reduction to the small business active income tax rate. Never mind that the proposals that everyone has gotten so angry about largely remain intact.
The defects of the proposals from July 18th are still by and large in play, so clearly the consultation period was not taken seriously. Let’s face it, given that 21,000 submissions were received and the consultation just ended a mere 14 days ago I find it physically impossible the government has read all submissions, organized, analyzed and then responded to them coherently.
The good news that I saw was more of a nice hint or two about what to expect. We can expect there to be an easing on making sure the access to the Life Time Capital Gains exemption will survive. Additionally, there is to be an expansion of what the government will consider to be a reasonable contribution by family members when determining whether the new punitive Tax on Split Income (TOSI) rules will be applied.
Yes, the reduction to the small business corporate tax rate by 0.5% starting on January 1, 2018 and then a further 1% a year later will get a large amount of positive press. But let’s put this into perspective. At most this will generate corporate tax savings of $2,500 and then in 2019 an additional $5,000 of corporate taxes saved. However, the money still must eventually come out and ultimately individual taxes gets paid on that money – so no real tax savings, more of a tax deferral really. I fail to see how the savings plan (i.e. post secondary and/or retirement) being totally, and retroactively[1], destroyed is compensated by these minor tax rate changes that were promised by the previous federal government.
A lot more analysis needs to be, and will be, done on the combined proposals, but I for one am not encouraged that anything close to acceptable progress has been made to truly try and make these tax changes for small business anything close to “fair”.[1] It is retroactive as the money was saved and likely ear marked for retirement or post secondary financing, if not required internally first, but now will be taxed at 54% in many/most cases, using the Ontario combined rates.

]]>https://www.numbersplus.ca/blog/october-16-2017-proposed-changes-to-small-business-taxes/feed/1Live Presentation 28-Sep-2017https://www.numbersplus.ca/blog/live-presentation-28-sep-2017/
https://www.numbersplus.ca/blog/live-presentation-28-sep-2017/#respondWed, 13 Sep 2017 17:07:53 +0000https://www.numbersplus.ca/?p=1226Major income tax changes that apply to small business were announced July 18, 2017. On September 28, 2017 Mark Stebbing CPA, CMA of Numbers Plus Professional Corporation will be leading a discussion about the recent (July 18, 2017) tax changes. Discussion Topics: Income Splitting: Preventing dividend or wages to go to family members if deemed to be …

]]>Major income tax changes that apply to small business were announced July 18, 2017.On September 28, 2017 Mark Stebbing CPA, CMA of Numbers Plus Professional Corporation will be leading a discussion about the recent (July 18, 2017) tax changes.Discussion Topics: Income Splitting: Preventing dividend or wages to go to family members if deemed to be ‘unreasonable’ or to tax them at 53.53%.Passive Assets: Keeping some profits in the business for a rainy day may soon be subject to a tax of potentially 73% instead of normal rates.Capital Gains: Leaving a business to a family member now results in about a 93% tax rate in Ontario under the new proposal. This was made effective immediately!

]]>https://www.numbersplus.ca/blog/live-presentation-28-sep-2017/feed/0The Biggest Change to Happen to Small and Medium Business Planning in Recent Yearshttps://www.numbersplus.ca/blog/the-biggest-change-to-happen-to-small-and-medium-business-planning-in-recent-years/
https://www.numbersplus.ca/blog/the-biggest-change-to-happen-to-small-and-medium-business-planning-in-recent-years/#respondMon, 28 Aug 2017 16:08:12 +0000https://www.numbersplus.ca/?p=1218The following is a newsletter posting that was originally prepared by one of my tax research firms, written by Cameron Mancell of Wolters-Kluwer: “Jay Goodis, CEO and co-founder of Tax Templates Inc., has published an analysis of the numbers and rhetoric behind these proposals. The publication also includes a large (and growing) list of publications that discuss …

]]>The following is a newsletter posting that was originally prepared by one of my tax research firms, written by Cameron Mancell of Wolters-Kluwer:
“Jay Goodis, CEO and co-founder of Tax Templates Inc., has published an analysis of the numbers and rhetoric behind these proposals. The publication also includes a large (and growing) list of publications that discuss the implications of the proposed changes. His other publications relating to these changes include: How Not to Reform Taxationand See Beyond the 1%.
Moreover, a petition to extend the consultation period has been launched and has received 2,000 signatures so far.
CPA Canada is offering a free 60 minute webinar on these proposals on September 12, 2017.
On July 18, 2017, the Department of Finance released its long-awaited consultation paper on tax planning using private corporations. We took the time to compartmentalize and assess the draft legislation, and in brief, the following changes have been proposed:

The tax on split income will be extended to include adult individuals where the amount received is unreasonable (a test based on the extent of the individual’s capital and labour contributions). The types of income subject to the tax will also be extended to include income from debt, gains from the disposition of property from which the income is split income, and second-generation income on amounts that were previously subject to split income tax.

New rules will crack down on strategies that multiply access to the lifetime capital gains exemption (“LCGE”). Minors will no longer be able to claim the LCGE. Gains that are subject to the extended split income tax are also ineligible for the LCGE, so an individual’s eligibility for the LCGE is based upon the labour and capital contribution tests mentioned above. Last, gains accrued while the property was held by a trust are no longer eligible for the LCGE, with some minor exceptions. Regardless of whether the trust flows out the capital gains, or rolls out the property to the beneficiaries who then dispose of it, using a family trust to own a business will disqualify access to the LCGE—this will no doubt disrupt many plans and structures currently in place, including “garden-variety” estate freezes.

Although no specific amendments have been proposed, the government plans on eliminating a perceived tax deferral advantage from holding passive investments within a private corporation. The government is asking for input from the tax community on how best achieve this. The white paper provided by Finance suggests making changes to the current system, or replacing it with a new system. Potential replacement systems are also discussed in the white paper.

Section 84.1 will be amended, and a new section of the Act will be introduced to prevent certain strategies that allow a corporation to convert its regular income into capital gains. If implemented, it appears that these changes will put an end to the so-called “pipeline” arrangements that are currently used to avoid the double-taxation that otherwise can arise during the administration of an estate of a small business owner.

Only after everyone has taken the time to meticulously analyze these proposals will we have a complete understanding of all the implications of the changes. After all, members of the tax community have been presented with what are likely the biggest changes to small and medium business tax planning to happen in recent years. But, firms are already sharing their first-impressions with their clients and the community.Michael Atlas, whose practice focuses on international taxation, concludes that the changes will further disincentive current and prospective businesses from operating in Canada:
“[W]ith proposals like those, which will substantially remove the ability of high-income Canadians to soften the tax rates they pay, many such taxpayers will head for the nearest exit and do whatever they can to become non-residents. Remember, unlike the situations with our brethren to the South, Canadian citizens can completely say ‘bye bye’ to Canadian taxes by becoming non-residents. Remember the line in the 1976 film Network, ‘I am mad as hell and I can’t take it anymore!’ I also submit that, with the world of the internet and the ‘cloud’, it is easier and more feasible for Canadians to follow that path, even if they maintain business interests in Canada.”
Partners at Moodys Gartner Tax Law echo Michael’s sentiment with respect to a flight of business-owners, and also stress that these proposals will result in a significantly higher compliance burden for small businesses:
“These changes have the potential to add another layer of complexity to an already mind numbingly complex area. There is a need to remember that these are tax rules for small businesses, most of whom don’t engage in complex tax planning, don’t have dedicated tax people on staff, and do not have the resources to comply with overly complex tax laws. These rules risk increasing compliance costs, and distracting from the core businesses carried on.”
“Our firm has seen an uptick in Canadian business owners leaving Canada, and also changing their plans so that the growth of their business will occur outside of Canada rather than within it. We are concerned that these and other measures announced by the government will have exactly the opposite effect from that intended and effectively shrink the Canadian tax base rather than broaden it.”
If the foreseen consequences of these amendments come true, it appears that they would be at odds with the overall purpose to which the proposals intend to serve:
“These tax advantages are in place to help Canadian businesses reinvest and grow, find new customers, buy new equipment and hire more people. Businesses big and small are the lifeblood of our economy. Our tax system is designed to help them thrive…”
Those are the words of the Minister of Finance who also highlighted Canada’s “highly competitive business environment” while discussing the merits of the proposals. To be clear, there are good intentions behind these proposals. However, it remains to be seen whether these proposals will have the desired effect. There are already rules in place to deal with many of the perceived abuses noted and the vast majority of jobs in Canada have been created by small and medium sized firms which are now facing increased complexity and compliance.
It’s important to note that the period for providing input to Finance is relatively short given the scope of the proposals – 75 days – and the fact that this time period runs over the summer when many people are on holiday.”
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If after reading this you wish to lend your voice to the growing chorus against these proposals, then you will find a sample e-mail at the bottom of the first article referenced from Mr. Jay Goodis (it is the first Appendix of his article) to send to your MP.
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These articles (and many others) raise valid concerns from experts and those affected:

]]>https://www.numbersplus.ca/blog/the-biggest-change-to-happen-to-small-and-medium-business-planning-in-recent-years/feed/04 Signs It's Time To Hire Tax Accountants In Mississaugahttps://www.numbersplus.ca/blog/4-signs-its-time-to-hire-tax-accountants-in-mississauga/
https://www.numbersplus.ca/blog/4-signs-its-time-to-hire-tax-accountants-in-mississauga/#respondThu, 24 Aug 2017 01:08:12 +0000https://www.numbersplus.ca/?p=1214Do you stress out every year when tax seasons rolls around? You’re not alone; many individuals and business owners feel overwhelmed attempting to calculate and file their annual taxes. Fortunately, you have options. Whether you’re filing for yourself or for your small business, tax consultants in Mississauga can help. Are you unsure if you’re ready …

]]>Do you stress out every year when tax seasons rolls around? You’re not alone; many individuals and business owners feel overwhelmed attempting to calculate and file their annual taxes. Fortunately, you have options. Whether you’re filing for yourself or for your small business, tax consultants in Mississauga can help.
Are you unsure if you’re ready for tax consultants in Mississauga? Here are five signs it’s time to enlist the help of a professional tax team:You Owe Every Year…A Lot
Yes, it’s common for both individuals and entrepreneurs to pay annual taxes. However, if you find you’re paying thousands of dollars each year, it may be a sign that you need input from an experienced accounting team. Your chosen firm may set you up to pay quarterly taxes to ensure you don’t owe one large lump sum at the end of tax season.You’ve Missed Deductions
Knowing all the deductions you’re eligible to receive can help you save significantly on your annual tax returns. Unfortunately, many people who manage their own taxes often miss out on relevant deductions, which can cost them thousands. Don’t risk missing out; team with tax consultants in Mississauga to ensure you get everything you’re entitled to.You’re Spending Too Much Time On Taxes
Chances are you don’t have time to waste, even on something as important as your annual taxes. Or, perhaps your taxes were always easy to file, but this year you’ve had some life changes that have made filing a lot more complicated. Purchasing real estate, expanding your business, adopting a child – these are just some of the many events that may have an impact on your tax filings. Whatever the reason, a seasoned accounting firm will get your taxes filed to free up time for you to focus on other things.Finances Aren’t Really Your Thing
Do you have a hard time reconciling your checkbook or sticking to your budget? It may be time to work with a reputable accounting firm, particularly if you’re running your own business. As a business owner, staying on top of your finances is a must; an experienced accountant will work with you, even beyond tax season to ensure your books are balanced and your bottom line protected.Contact Numbers Plus TodayContact NumbersPlus today to connect with our team of tax accountants in Mississauga today to discuss your specific needs.

]]>https://www.numbersplus.ca/blog/4-signs-its-time-to-hire-tax-accountants-in-mississauga/feed/0Don't Go It Alone; Hire A Professional Tax Accountant In The GTA (Greater Toronto Area)https://www.numbersplus.ca/blog/dont-go-it-alone-hire-a-professional-tax-accountant-in-the-gta-greater-toronto-area/
https://www.numbersplus.ca/blog/dont-go-it-alone-hire-a-professional-tax-accountant-in-the-gta-greater-toronto-area/#respondSun, 23 Jul 2017 22:45:30 +0000https://www.numbersplus.ca/?p=1190Business owners need to cut costs whenever possible to keep their operations running at maximum capacity. As a result, many assume that they should absorb all of their financial service needs internally. While some financial requirements may be successfully managed in-house, tax specifications should not be one of them. Before you file on your own …

]]>Business owners need to cut costs whenever possible to keep their operations running at maximum capacity. As a result, many assume that they should absorb all of their financial service needs internally. While some financial requirements may be successfully managed in-house, tax specifications should not be one of them. Before you file on your own you should consider hiring a professional tax accountant in the GTA (Greater Toronto Area).Why You Should Hire A Professional Tax Accountant In The GTA (Greater Toronto Area)
Every business’ tax situation is different; however there are a few reasons why hiring a professional tax accountant in the GTA (Greater Toronto Area) makes perfect sense no matter what your corporate industry. The first significant advantage to hiring an accounting firm is a major upswing in free time. As a business owner, you are stretched thin, making free time a commodity. While there will obviously be a fee to using an accountant, the upside of having more bandwidth makes it well worth the cost. Your chosen provider will list the documentation needed, you hand it over and you can officially move on to other tasks that require your attention.
A professional accounting team also specializes in taxes. This means they are up to date on the most current tax deductions your company is eligible to receive. Using automated software to manage your taxes internally may mean missing out on big savings (it can also mean a high probability of human error). An outside firm will thoroughly and accurately determine your bracket as well as all the most current laws to file your documentation appropriately.
Changes in your organization can happen at anytime. Sometimes these changes may have an impact on your current tax situation. Many business owners find themselves spinning wheels and wasting time in an attempt to relearn everything when a new taxable circumstance arises. An experienced team will quickly assess new tax requirements as soon as they occur to ensure your business meets all mandates and maintains compliance at all times.Contact Numbers Plus Today
Don’t go it alone with your business taxes. Contact NumbersPlus today to learn more about our full service accounting capabilities.

]]>https://www.numbersplus.ca/blog/dont-go-it-alone-hire-a-professional-tax-accountant-in-the-gta-greater-toronto-area/feed/0Why You Need Corporate Accounting Services In Mississauga Nowhttps://www.numbersplus.ca/blog/why-you-need-corporate-accounting-services-in-mississauga-now/
https://www.numbersplus.ca/blog/why-you-need-corporate-accounting-services-in-mississauga-now/#respondWed, 28 Jun 2017 00:26:53 +0000https://www.numbersplus.ca/?p=1180As a Mississauga business owner, you spend your day performing a multitude of tasks that straddle a myriad of functions. In order to keep your operations running as smoothly as possible, you may find yourself managing responsibilities in virtually every department. While it’s normal for CEOs to assume an all-hands-on-deck mentality when it comes to …

]]>As a Mississauga business owner, you spend your day performing a multitude of tasks that straddle a myriad of functions. In order to keep your operations running as smoothly as possible, you may find yourself managing responsibilities in virtually every department. While it’s normal for CEOs to assume an all-hands-on-deck mentality when it comes to overseeing the day-to-day responsibilities in your business, it’s also important to understand what makes sense to outsource in order for you to stay focused on the roles that will best grow you business. For many regional business owners, that means hiring corporate accounting services in Mississauga.Benefits Of Corporate Accounting Services In Mississauga
Understanding the benefits of hiring corporate accounting services in Mississauga can help you determine if it’s the right choice for your organization. A full-service accounting provider will offer a comprehensive range of capabilities to clients. This means that you won’t have to work with one vendor for each required individual function, such as payroll, tax documentation, and monthly reports. Instead, you will enjoy the ease of one-stop service for optimal time and cost savings.
As part of a comprehensive portfolio, corporate accounting services in Mississauga should include:Financial Statements
Small business owners can spend countless hours compiling weekly, monthly, and yearly financial statements for their organizations. Your outsourced provider will quickly pull together the reports and statements you need, as you need them.Bookkeeping
A qualified provider of accounting services in Mississauga will also offer bookkeeping capabilities as well. Managing your expenses and cash flow in can be a full-time job; outsourcing these tasks to a third party provider saves time and ensures you always have an accurate understanding of your overall financial picture.On Call CFO
As a small business entrepreneur you may not have the budget to hire a CFO…but that doesn’t mean that you won’t need CFO services and insight on occasion. Partnering with a provider that offers CFO capabilities gives you access to a CFO function whenever you need it.Contact Numbers Plus TodayNumbers Plus offers full service accounting capabilities. Contact our team of professionals today to hear more!

]]>https://www.numbersplus.ca/blog/why-you-need-corporate-accounting-services-in-mississauga-now/feed/0What You Can Expect From A Professional Accountant In Mississaugahttps://www.numbersplus.ca/blog/what-you-can-expect-from-a-professional-accountant-in-mississauga/
https://www.numbersplus.ca/blog/what-you-can-expect-from-a-professional-accountant-in-mississauga/#respondWed, 24 May 2017 20:46:20 +0000https://www.numbersplus.ca/?p=1177Many small business owners wait until tax season rolls around before reaching out to a professional accountant in Mississauga. While getting experienced insight on tax mandates is important, it’s not the only reason to use an accountant in Mississauga. Knowing some of the many advantages offered by a reputable team of accountants beyond tax preparation …

]]>Many small business owners wait until tax season rolls around before reaching out to a professional accountant in Mississauga. While getting experienced insight on tax mandates is important, it’s not the only reason to use an accountant in Mississauga. Knowing some of the many advantages offered by a reputable team of accountants beyond tax preparation can help you know if your business can benefit from their services.An Experienced Accountant In Mississauga Offers:Financial Education
There’s a lot to learn about what the numbers of your small business mean. While you certainly want extensive accountant expertise to effectively run your organization, gaining an understanding about key financial points can have a significant impact on how you run your company. Your professional provider can offer financial reports and snapshots so you’re ready to make informed decisions.Strategic Planning
Not only can your accountant in Mississauga tell you where you are economically, he can also help you strategically plan how to take your business to the next level financially. Throughout your partnership, you should be able to consult with your firm to get financial insight and projections into effectively growing your business.Compliance
Even beyond tax requirements, your chosen accountant in Mississauga will have the insight needed to keep your business financially compliant at all times. In addition to Federal requirements, each state has its own distinctive local mandates. Your partner will complete and file anything needed on your behalf so your business achieves full financial compliance.Protection
Working with an accountant in Mississauga also means reaping financial protection within your organization. This can prove particularly helpful if your business ever undergoes an audit. Many small business owners find themselves scrambling when being audited. They worry that they haven’t tracked items properly, or saved the right documentation. A professional accountant eliminates this concern. Your chosen team will manage the entire process for you, relying on the documentation they’ve carefully kept for you since the onset of your partnership.
With so many services beyond tax filing, it’s easy to see how a professional accounting team can make a major impact on any small business.Contact Numbers Plus Today
NumbersPlus provides a comprehensive range of capabilities for business owners in every industry. Contact our team of professionals today to hear more!

]]>https://www.numbersplus.ca/blog/what-you-can-expect-from-a-professional-accountant-in-mississauga/feed/0Choosing A Qualified Small Business Accountant In Mississaugahttps://www.numbersplus.ca/blog/choosing-a-qualified-small-business-accountant-in-mississauga/
https://www.numbersplus.ca/blog/choosing-a-qualified-small-business-accountant-in-mississauga/#respondSun, 30 Apr 2017 21:19:53 +0000https://www.numbersplus.ca/?p=1174A qualified small-business accountant in Mississauga can have a major impact on your overall operations. However, many entrepreneurs hesitate to hire a professional accountant. They assume the process of finding a reputable small business accountant in Mississauga will prove too time consuming, forcing them away from their day-to-day requirements and efforts in order to manage …

]]>A qualified small-business accountant in Mississauga can have a major impact on your overall operations. However, many entrepreneurs hesitate to hire a professional accountant. They assume the process of finding a reputable small business accountant in Mississauga will prove too time consuming, forcing them away from their day-to-day requirements and efforts in order to manage the search.
Fortunately, finding a small business accountant can be seamless and straightforward. Go into the search process prepared with these important tips.Determine Areas Of Expertise
While small business accountants may have a wide range of insight and experience, they also may have some very specific areas of expertise. Work with prospective providers to determine if they have any unique specialties and capabilities that make them an even better fit for your needs.Communication/Accessibility
When you need financial input and services, you don’t want to have to wait for it. When screening potential accounting firms, ask about their communication style as well as overall accessibility. Do they guarantee a response within a certain amount of time? Will they call you? Email you? Finding out their specific style in advance can help you make the right choice.Compliance Awareness
Tax laws and regulations are always changing. When sourcing the right small business accountant in Mississauga for your organization, be sure to discuss their specific experience managing tax documentation and filing. You will want to partner with a team who has what it takes to keep you compliant at all times. Beyond compliance alone, you will also want a provider who understands how to maximize your savings and returns each tax season as well.Integrity
Due to the critical nature of the services performed, honesty and integrity is vital when sourcing a qualified small business accountant. Yes, you want someone who is able to save you as much money as possible each year; however, it’s important to focus on finding someone who will make sure you’re saving money legally. When screening potential vendors, ask for references from previous customers; contacting these clients directly will provide invaluable insight on the ethics of any given prospect.Contact Numbers Plus Today
NumbersPlus offers a wide range accounting, financial, and tax services for your small business. Contact our team of professionals today to hear more!

]]>https://www.numbersplus.ca/blog/choosing-a-qualified-small-business-accountant-in-mississauga/feed/0Three Reasons Your Start-Up Needs A Mississauga Accountanthttps://www.numbersplus.ca/blog/three-reasons-your-start-up-needs-a-mississauga-accountant/
https://www.numbersplus.ca/blog/three-reasons-your-start-up-needs-a-mississauga-accountant/#respondSun, 26 Mar 2017 21:23:05 +0000https://www.numbersplus.ca/?p=1170Ramping up a new business in Mississauga means you have a lot of action items on your checklist. However, if you’re like many new entrepreneurs, hiring a Mississauga accountant may not even be on your radar. Instead, you’re focused on generating new business, gathering marketing materials, making new contacts and a slew of other pressing …

]]>Ramping up a new business in Mississauga means you have a lot of action items on your checklist. However, if you’re like many new entrepreneurs, hiring a Mississauga accountant may not even be on your radar. Instead, you’re focused on generating new business, gathering marketing materials, making new contacts and a slew of other pressing tasks, all while assuming you can handle everything that needs to be done on your own.A Mississauga Accountant Offers Significant Benefits
Unfortunately, it’s too late before many entrepreneurs realize that they should have hired a Mississauga accountant to help with their start-up. A professional Mississauga accountant can provide a wide range of benefits, making his services invaluable to even a one-person start-up operation. You should consider hiring an accountant because:Free Time Is About To Become An Urban Legend
If it hasn’t already happened, the concept of free time is about to become virtually mythical to you – you will have a hard time believing it exists. With so many tasks to manage, you may find yourself putting all of your accounting needs on the corporate backburner. A professional accountant will maintain your books at all times so you never have to worry about falling behind.You Know Nothing About Tax Compliance
It’s okay – most business owners don’t know the specific rules, regulations, and compliance mandates their new company must adhere to. Fortunately, your Mississauga accountant will have all the tax knowledge and compliance understanding you will need to ensure you meet every mandate and file all forms appropriately.You Have A Growth Vision
If you’re like most fledgling entrepreneurs, you don’t just have a dream about opening a new company; you have a vision on growing the business at some point. Hiring a professional accountant can help make your growth vision a reality. He or she will consult with you at various stages so you understand key factors such as:

When is a good time to expand?

Are you financially secure enough?

How far can you stretch your profits without jeopardizing operations?

Answering these and other questions can help you move forward with expansion plans and not worry about putting your organization at risk.Contact Numbers Plus® Today
Don’t go it alone with your start-up business. Call Numbers Plus® today or fill our contact form to see how we can help!